Empire Co. reports Q4 profit and continued e-commerce expansion
Empire Co. Ltd. raised its quarterly dividend as it reported its fourth-quarter profit and sales rose compared with a year ago.
The grocery retailer, which operates Sobeys, Safeway and other banners, says it will now pay a quarterly dividend of 22 cents per share, up from 20 cents.
The increased payment to shareholders came as Empire says it earned a profit attributable to owners of the company of $173 million or 74 cents per diluted share for the quarter ended May 3. The result was up from a profit of $149 million or 61 cents per diluted share a year ago.
Sales for the quarter totalled $7.64 billion, up from $7.41 billion in the same quarter last year.
Same-store rose 3.0% as same-store sales for fuel fell 7.8% driven by lower prices due to the removal of the government carbon tax. Food same-store sales rose 3.8%.
On an adjusted basis, Empire says it earned 74 cents per diluted share in its latest quarter, up from an adjusted profit of 63 cents per diluted share a year ago.
"This was a very strong quarter for Empire and I am pleased with the way our team finished the year, delivering positive results across all major financial measures," said Michael Medline, president and CEO, Empire in a statement upon the release of its quarterly financials. "Our momentum continued to build throughout fiscal 2025 resulting in fourth quarter market share gains and our adjusted EPS growth of 8.8% was within our financial framework."
READ: Empire announces Michael Medline's intention to retire in May 2026
The company also signaled its intention to continue to enhance its data capabilities to “deepen its understanding of its customers, allowing the company to effectively capture emerging trends.”
This will include focusing on digital and data will include continued e-commerce expansion, personalization and loyalty through Scene+. Empire also said it would accelerate its investments in renovations, conversions, and new stores with plans to renovate 20% to 25% of its store network between fiscal 2024 and fiscal 2026.
With additional files from Empire Co. Ltd.
